While the transfer process follows a series of successive stages, the time period involved varies considerably.
Here are some guidelines:
• A cash transaction may take 6 – 8 weeks
• Within normal circumstances (including bond approval), approximately 3 months
• If conditional upon the sale of purchaser’s property (within 30 days), approximately 4 months
The Agreement of Sale is concluded between the Purchaser and the Seller, having been brought together by the Estate Agent.
The Agreement of Sale is checked by the Estate Agent’s manager and handed over to the Conveyancing Department for processing. The Conveyancing Secretary will instruct the Transferring Attorneys and send a copy of the Agreement of Sale to you and to the buyer with a covering letter.
The Transferring Attorneys will inform you when the Deposit Has Been Paid And When The Bond Has Been Granted (if applicable). The bond application is processed and tracked by our in-house consultant at Mortgage SA, PGP’s elected bond originators.
Once a mortgage bond has been granted, it is incumbent upon the seller to obtain and produce Beetle And Electrical Clearance Certificates.
The Documents Required To Enable Transfer to be passed (power of attorney conferred upon the Transferring Attorney and Transfer Duty Declaration) are drawn up by the Transferring Attorney and signed by the purchaser and seller.
A Rates Clearance Certificate (a document stating that all rates and taxes for the year have been paid) – or a levy if applied to a sectional title purchase - is obtained from the municipality – or body corporate - by the Transferring Attorney.
Transfer Duty is paid to the Receiver of Revenue (together with proof of rates clearance), and a Transfer Duty Receipt is issued.
The Transferring Attorney Lodges All Documentation together with the Transfer Duty Receipt at the deeds registry. Simultaneously, all bond documentation (if a bond is involved) will be lodged at the deeds registry by the bank or building society’s attorney (having been duly signed by the purchaser).
All Bond And Transfer Documents Are Inspected By The Deeds Registry and, if correctly prepared, come up for Registration. At this stage the purchaser must have the balance of the purchase price available, and the financial institution’s attorneys have the bond amount available. If the purchaser is not able to make the funds available, the seller’s Transferring Attorney will delay registration, which may be postponed for no more than 3 to 4 days before the deeds are rejected and will need to be re-lodged. The purchaser may then be put to terms and given 7 days written notice to rectify his default.